Deal Would Involve British Company Taking Control of Sky Deutschland, Sky Italia

British Sky Broadcasting Group PLC said Monday that it had started preliminary discussions with 21st Century Fox over a multibillion-dollar acquisition of its pay-TV assets in Germany and Italy.

In the possible reshuffle of media mogul Rupert Murdoch's broadcasting business in Europe, the U.K. company would be taking part in the recent accelerated consolidation of Europe's cable, television and telecom sectors. Industry executives...